PROCEPT BioRobotics (NASDAQ:PRCT) Receives Buy Rating from Truist Financial

Truist Financial reissued their buy rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research note published on Wednesday,Benzinga reports. Truist Financial currently has a $90.00 target price on the stock, down from their previous target price of $105.00.

Several other analysts also recently issued reports on PRCT. Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target for the company. Wells Fargo & Company restated an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. Finally, Morgan Stanley started coverage on shares of PROCEPT BioRobotics in a report on Monday, December 2nd. They issued an “overweight” rating and a $105.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.29.

PROCEPT BioRobotics Stock Performance

NASDAQ PRCT opened at $68.11 on Wednesday. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $75.25 and its two-hundred day moving average is $79.94. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -34.93 and a beta of 1.03. PROCEPT BioRobotics has a 12-month low of $45.20 and a 12-month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $66.79 million. Research analysts expect that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insider Activity

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 28,092 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at approximately $5,096,605.36. The trade was a 34.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Reza Zadno sold 26,423 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.22, for a total value of $2,568,844.06. Following the sale, the chief executive officer now directly owns 152,762 shares of the company’s stock, valued at approximately $14,851,521.64. This trade represents a 14.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raleigh Capital Management Inc. bought a new position in shares of PROCEPT BioRobotics during the 4th quarter worth approximately $32,000. Thematics Asset Management acquired a new position in PROCEPT BioRobotics during the fourth quarter worth approximately $46,000. Signaturefd LLC raised its stake in PROCEPT BioRobotics by 26.7% in the fourth quarter. Signaturefd LLC now owns 689 shares of the company’s stock valued at $55,000 after buying an additional 145 shares during the period. IFP Advisors Inc bought a new position in shares of PROCEPT BioRobotics during the 4th quarter worth approximately $58,000. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of PROCEPT BioRobotics during the 4th quarter worth approximately $64,000. 89.46% of the stock is owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).